Elon Musk may serve as temporary Twitter CEO, secures more than $7 billion from investors

elon musk
Credit: Tesla

Elon Musk has been successful in his attempts to secure more equity from investors to put towards his purchase of Twitter.

According to a regulatory filing published this morning, Musk has been able to round up $7.14 billion from eighteen high profile investors.

The list of names includes Oracle co-founder and Tesla board member Larry Ellison who contributed $1 billion, as well as SpaceX investor Honeycomb Asset Management, which is putting $5 million into the deal.

Musk was even able to convince Saudi Arabian investor Prince Alwaleed bin Talal, who had initially opposed the deal, to roll his existing $1.89 billion stake in the company to the new venture.

With the extra equity from investors, the filing shows Musk was able to reduce his personal commitment in the form of margin loans to $6.25 billion. His personal financing commitment was also reduced to $27.5 billion.

While Musk has been courting investors, he is also reportedly planning to serve as interim CEO of the company after the deal closes, according to a report by CNBC.

If true, Musk would replace current CEO Parag Agrawal, who has only served in the position after taking over from Jack Dorsey last November.

Elon Musk planning Twitter IPO just a few years after taking it private: Report

About Darryn John 5069 Articles
Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca